Bank of Rajasthan hikes rates on non-resident deposits

Mumbai, July 3 (IANS) A day after hiking its interest rate on term deposits, Bank of Rajasthan (BoR), Thursday announced a similar revision in its non-resident (external) rupee deposits (NRE), and foreign currency non-resident deposits (banks) or FCNR(B). The rates became effective July 1, it said in a statement.

The bank said that for NRE deposits, the annual interest rates have been revised to 3.31 percent from 3.16 percent for maturity period of one year to two years, to 3.6 percent from 3.46 percent for two years to three years, and 3.95 percent from 3.81 percent for three years and above.

The interest rate on FCNR(B) deposits in US dollar has been revised to 2.56 percent from 2.41 percent annually for maturity of one year to two years, and to 2.85 percent from 2.71 percent for two years to three years.

For a period of three years to four years in the FCNR(B) category, annual rates have been revised from the 3.06 percent earlier to 3.2 percent.

Similarly, for the period of four years and five years, the new annual interest rate has been pegged at 3.42 percent from the earlier 3.3 percent and for five years and above it has been increased from 3.47 percent to 3.56 percent.

The interest rates on FCNR(B) deposits in British pound have also been revised from 5.4 percent to 5.7 percent for one year to two years, while for the period between two years and three years, it has been increased from 5.26 percent to 5.5 percent.

For three years and above, rates have been hiked from the earlier 5.21 percent to 5.47 percent.

The annual interest rates on FCNR(B) deposits in euro have also been revised from 4.34 percent to 4.64 percent for the period between one year and two years.

For the period between two and three years, the rate has increased from 4.23 percent to 4.62 percent, while for three years and above, it has been hiked from 4.11 percent to 4.55 percent.